Interlocking Network, Banker Interlocking Director and Cost of Debt

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-01-02 DOI:10.1080/1226508X.2023.2171458

Hyun-jung Nam, Y. An

引用次数: 2

Abstract

ABSTRACT This study examines whether the cost of debt decreases when a banker interlocking director sits on the boards and exists within interlocking directors' network using a panel dataset during the period from 1998 to 2014. This study finds that the interlocking directors' network in Korea has gradually increased each year, and Korean firms' cost of debt is reduced when a banker interlocking director is participating on the boards and within interlocking directors' network. Specifically, Chaebols more strategically use a banker interlocking directors to lower the cost of debt than non-Chaebols. This result suggests that a banker interlocking director on boards with a strong firm network alleviates the burden of the cost of debt.

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联锁网络，银行家联锁董事和债务成本

摘要本研究利用1998年至2014年的面板数据集，考察了当银行家联锁董事担任董事会成员并存在于联锁董事网络中时，债务成本是否会降低。本研究发现，韩国连锁董事网络每年都在逐渐增加，当银行家连锁董事参与董事会和连锁董事网络时，韩国公司的债务成本降低。具体来说，财阀比非财阀更有战略意义地利用银行家联锁董事来降低债务成本。这一结果表明，银行家在董事会中与强大的公司网络相互关联的董事减轻了债务成本的负担。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.